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Home My WebLink About1489 ` 3• f , ~ • F . ; tEUder lo tl~e ~lortgsg~~r in ~ccor~lam~e with thn provi~ions of tl?c ~~otc~ secured I~rrc+b~•, full pn~•n~~nt of tho ' entire indebtedness repr~~sented therebv, tl~c~ ~fortgagee, ~+s trustcc~, shap, in con?putiug tlu~ tunc?unt of such i inctobteciuess, credit to th~~ arcount of t~ie ~1or1 ;~}~or an~• c<<.~lit bAlunco rein~inin~; «tule~r th~~ pro~•isions of (a) o! esi~l paragraph 2. thern 31~u11 be s ~iefuu~t under e~ny ot tlic~ pro~•isiu~~a af tliis mort~;a~, resultin~; in a : public sale of ihe pretnisrs coverecl l~ereb~•, or if tl?e ~iortgagee arquires the pro~~t~rt~~ othrr~~~ise e?fter ~lefault, ' the Mortgt?gee, as trusiee, shull apply, ut tha tinie uf the canmencPment of such proceedings or at t)?c+ tim~ f the pmperty is otherwise ucquired, 11~e an;uunt then reu~ainin~ to i~re~lit o( ~'Iort~agor «»de~ (a) o! pnragraNl~ 2 ~ precedinb ag a credit on the interesi accruecl unci unpaid an~l t?e =~alanco to lhe principal then rc~inuinin~ unpaul ~ on said notc~. ; ? 4. He will pe?y ~ all taxee, aeaesamenta, wmter ratee, a?nd other governmental or municipat aha.-gee, finee, oY 4 impc~aitiona, for whio6 provision haa not been made hereinbefore, and in default thereof the Mortgagee may pay the ~me; and that he will pmmptly deiiver the o~cirJ recaipti+ therefor to the Mortgagee. b. He will peraut, comanit, or aufter no waste, impaiRnent, or deterioration of said property or any part thereof t exeept reasonable wear and tear; anci in the event ot ths failure of the TSortgai5or to kzep the buitdinge on saic~ ~ premises and thoee to be erected on ssid premisee, or improvements thereon, in gooci repair the Mortgageo may meke such repaire ae in ita diacretion it may deem nece~eeary for the proper presccvation thereo~, and the full amount of each and svery such payment shall be due and pay~ble thirty (30) daye aftsr demand, and ahall be eecured by L~e lien of t~~ mortgage. - 6. He wiU pay al! and aingular the coete, chargee, and eapenees, including reasonabla lawyere feee, and coete ~ o! abatrscta of title, iacurred or paid at any time by the ?4iortgagee becau~e of tha #ailure on the part of the Mortgagor pmmptly and fully to gerform the agreemenls and ~ovenants of said promiseory note and thia mortgage, and said costa, charges, and expenses shall be immedia~ely due and pt~ye?~~e ar~d shaU be aecured by the lien of this mortgage. ~ He ~vill cantinuously maintain hazard insurance, of euch type or typea and amounte as hiortgagee may irom time to time ~equire, orr the improvements now or heresit~r on eaid premises, and 0.~cept when payment -!or all such premiums has theretotore been made under"(a) of paragraph 2 hereof he will pay pmmptly when due any premwms iherefor. All insurance ahall be carried in compaiues appmve~ by ~lortgagee snd the poli- cies and renewals thereof shnll be held by Mortgagee and have attached thereto loss payable clauses in ievor of. ~ and in form acceptable to the h4ortgagee. . Ia event of loss he will give immed.iate notice by mail to Mortgagee, _ and 1lortgagee may make proof of loss ~f not made prom~tly by Mortgagor, and each insurance companq concerned is hereby aut.horized and directed to make payment for such loss d'uectly to Mortgagee inatead of ti_ to hiortgagor and bsortgagee ointly, and the insurance proceeds~ or any part thereof, may be apphed by Mor~ ; gagee ~t its option either to t~a reduction of the indebteciness hereby secursd or to the resEoratson or repsir of ~ _ { the pruperty damaped. In event a~ foreclosure of this mortgage or other trsnsfer of title to the mortga~ed ~ property in e.rtinguishment of the indebtedness sect~red hereby, a~l right, title, and interest of the l~iortgagor - in and to any insurance policies. then in force shsll pass to the purchaser or g~antee. ~ 8. If the pre~uis~~s, or iu~~• purl thcmof, be conde~nn~~d un~icr the po~c•~r of eminent ilo~~~nin, or ucquired for ~ a public use, tLe dniuages nH-ardecl, tlu~ prore~~ds for the tnkin~; of, or thc~ ~onsideration for sucl? ucquisition, to ~ ~ ihc extent of the fuil an~ount af tl~c ren~ninin~; unp:~i~l iuclebt~~rincss securcci b~• this mort~flke, nrc li~reb~• ~ i~~si~;ncd to t{~~~ ~fort~a~;ee, :?n~l his h~~irs or ~ssiRn,, ii~iil sliull hc~ piti~l forti~~~~itL to suid \lortgngce or 1iL5 ~ aasi~;nee ta Le applied on ne~•ount uf th~~ last niuturin~ ii~stnlluu~nts of sucL indeLtednrss; pro~•i~lecl, li~~cc•~•er, _ . tlie \1ort~;uk;e~ or.l?i.s .usikn~~e, ~~RU~' ut l~is ~lis~•r~•tiun p.~~• dire~•t to th~ ~1ort~t~gor, his l;u~iis ur ils,igns ~nny pnrt or ull of such :i~car~l; pro~•i~lecl, thul if tl~e loaii is ku:iriinir~~il cir inst~r~~~l, the ronsent of tlie gunr:i~~tor or i~~surer is obtuined in a~ivance o[ tit~i~l pu~•inent. - ~ ~ ~ _ 9. The ~Zortgsgee may, at any time pending a suit upon this mort~age, apply to the court having iurisdiction ~ ~ thereof f~r the appointment of a receiver, and such court stiall forthwith appoint a receiver of ~,he premises covered ~ hereby all arid singular,, including all and singular the income, pro6ts, issucs, and revenues from whatever sour: e- - ~ derived, each and every of which, it being Pxp:~~;y u:,d~: :c,:,~, ;o l,~;rsh~ ~a..g;.s^„~ a.: if ~~ci&c~:Iy L E;,:t,h _ described in the granting and habendum clauses hereof. Such appointment shaII be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequauy or inadequacy of ~ the value of the property mortgaged or to the solvency-or insolvency of said Mortgagor or the defendsnts. 5uch rents, profits, income, issues, and tevenues shall be applieJ by'such receiver according to the lien of this mortgage ~ - anc~ the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor - agrees to pay to the ~SortgagEe on demand as a rea~onable monthly rentsl for lhe premises an amount at least equivalent to one-twelfth (~2) of the agg~e~ate of the twelve monthly installments payable in the then current ~ year plua the actual amount of the annual taxes, assessments, water rates, aad insurance premiums for auch year : not covered by tLe aforesa?id monthly paymenta. ~ - ~ . - ; 10. In the event of any b*each of. this mortgage or default on the part of the I~iortgagor; or in the evtnt that ~ any of said sums of money herein reterred to be not promptly and futly paid according to the tenor hereof, or in tha ' ~ event that each ~Ld every the atipulations, agreements, conditions, and covenants of said note and this mortgage, -are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned ~ in eaid note then remaining unpaid, with interest accrued to that time, and all moneys ~cured hereby, ahall bec-ome ~ due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and co~pletely ~s if all of the - , said sums of money were originally stipulated to be paid on such day, anythi~g in said note or in this mortgage to ~ the contrary notwithstanding; and thereu}wn or theeeafter, at the option of said :17ortgagee, withouf; notice ~r ; emand suit at law or in e uity mrsv be rosecuted as if all mone ~s secured hereb • had matueed rior to its institu~ # d , 9., _ P 3 y P • tion. The :~iortgagee may foreclose this morigage, as to the amount so declared due and payable, and the said ~ premises shall be sold to satisfy and pay the same together wit~ costs, expenses, and aliowances. In case of pariial ~ foreclosure of this mortgage, the mortgaged premises shall be sold subject to the_continuing lien of this mortgage 3 for the amount of the debt not then due and unpaid. In such case the prov~sions of this pars~aph may again be avealed of thereafter [rom time to time by the A-lortgagee. ~ _ 1 I. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the term.a hereof or of the ~ote secured hereby. ~ _ 12. The Len of thia instrument shall remain in full force a~d efiect during any postponement or extensien of ~ the tune of payment of the indebtednesa or any part t6ereaf aecwed hereby. ~ 13. If the Mortgagar default in any of the covenanta or agreements contaived herein, or in said note, then the Mortgagee may perfor~ the same, and all expenditures (including reasonable aLtorney's fees) made by the lbiortga~ee ~ in sa doing shall draw interest at, the rat<s pro~•ided for in the principal indebtedness, and shsll be repa}~able . - thirty (30) dQys e,fter demand, and, together with~ int~rest and costs accrued thereon, sl~all be secured by this mortgage. - - ~ ~ 14. Upon the request of the biortgagee the ;~Sortgagor shall euecute and deliver a sunplemental note or~ - " notes for the s»m or sums advanced by tbe \tortgagee for the alteration, modernization, improvement, main- - tenance, or repair of said premises, for taxes or as,~essments against the same and for aay other purpose author- ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as i[ the advance eviuenced thereby were included in the note first ~escribed above. Said snpplemental note or notes shail bear interest aG the rate provided foi• in the principal indebtedness xnd shall be paysble in a~proximately equal manthly pay ments for sucl~ period as may be a~reed upon by the creditor and debtor. ~+'ailing to agree on the maturit,y, the whole of the sum or st?ms so ad~~anced shall bc due ar.d pa~•able thir6y (30) days after demand by t6e creditor. In no event shall t6e maturity extend beyond the ultimate raeturity of the note fi~st described above. BOOK PACf ~488 . ' i ' 4